In reaction to Labour’s win, Theo Chatha, CFO of SME funder Bibby Financial Services (BFS) has providing insight on what this really means for the UKs SMEs. Specifically, the importance of Labour delivering on their promise of the much needed reform of the British Business Bank and the Bank Referral Scheme.
Theo Chatha, Chief Financial Officer, Bibby Financial Services:
“The Labour party now has an opportunity to drive economic growth through the UK’s resilient small and medium sized business community, and to support them in boosting output. But first, they must address key areas of concerns for SMEs, and access to finance is an area that requires attention.
We know that for many SMEs, high street banks remain the first and only port of call, so there's a strong opportunity for Labour to increase competition in the commercial lending sector and to enable SMEs to access a wider range of options.
